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Pensions, debt and inflation risk in a monetary union
Adema, Yvonne - 2010
This paper investigates the international spillovers of government debt and the associated risk of inflation within a … inflation at the cost of the funded country. In response to these conflicting interests about inflation, inflation risk may rise … with the level of debt in the PAYG country. Higher inflation risk harms both countries. Actually, in contrast to the debt …
Persistent link: https://www.econbiz.de/10011382085
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Pensions, debt and inflation risk in a monetary union
Adema, Yvonne - 2010
Persistent link: https://www.econbiz.de/10008746634
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Population ageing and pension reform in a small open economy with non-traded goods
Bettendorf, Leon; Heijdra, Ben J. - 2004
In this paper we study the implications of population ageing in an economy with a sizeable non-traded goods sector. To this effect a highly stylized micro-founded macro model is constructed in which the age structure of the population plays a non-trivial role. The model distinguishes separate...
Persistent link: https://www.econbiz.de/10011343315
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Intergenerational risk sharing with market liquidity risk
Dimitrov, Daniel - 2022
This paper examines the optimal allocation of risk across generations whose savings mix is subject to illiquidity in the form of uncertain trading costs. We use a stylized two-period OLG framework, where each generation makes a portfolio allocation decision for retirement, and show that...
Persistent link: https://www.econbiz.de/10013175574
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Intergenerational sharing of unhedgeable inflation risk
Chen, Damiaan H. J.; Beetsma, Roel; Wijnbergen, Sweder van - 2022 - This version: November 16, 2022
We explore how members of a collective pension scheme can share inflation risks in the absence of suitable financial …
Persistent link: https://www.econbiz.de/10013460026
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Demography and provisions for retirement : the pension composition, an equilibrium approach
Praag, Bernard M. S. van; Hop, J. Peter - 2018
Pensions may be provided for in a modern society by several methods, viz., voluntary individual savings, mandatory fully funded occupational pension systems, and mandatory social security financed by pay-as-you-go. The specific mixture of the three systems we will call the pension composition....
Persistent link: https://www.econbiz.de/10011870742
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Heterogeneous agents, human capital formation and international income inequality
Munandar, Haris - 2008
Persistent link: https://www.econbiz.de/10003645092
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Optimal sharing of labor productivity risks and mix of pay-as-you-go and savings
Kusmerski Bilard, Debora - 2008
The paper addresses two related issues: the optimal intergenerational sharing of laborproductivity risks, through a Pay-As-You-Go (PAYG) social security, and the mix ofPAYG and savings for retirement provision in a small open economy. It shows that partial contingency of the social security on...
Persistent link: https://www.econbiz.de/10011376622
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The sustainability of the pay-as-you-go system with falling birth rates
Praag, Bernard M. S. van; Cardoso, Pedro - 2002
A model is presented that explains the mix between funded and unfunded pension systems. It turns out that total pension and the relative shares of the two systems may be explained and are determined by the population growth rate, technological growth, the time-preference discount rate, the...
Persistent link: https://www.econbiz.de/10011326408
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Flexible pension take-up in social security
Adema, Yvonne; Bonenkamp, Jan; Meijdam, Lex - 2013
Persistent link: https://www.econbiz.de/10009784943